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Tom Cruise and Katie Holmes in divorce settlement talks: Reports

Katie Holmes and Tom Cruise arrive at the 2012 Vanity Fair Oscar Party on Feb. 26, 2012, in West Hollywood, Calif. Getty

(CBS News) Lawyers for Tom Cruise and Katie Holmes are reportedly working to reach a settlement for the divorcing stars.

Both sides have reportedly been working for the past few days to negotiate an agreement in hopes of avoiding a public divorce battle, according to People.

Pictures: Tom Cruise and Katie Holmes
Pictures: Suri Cruise
Pictures: Celebrity splits

"Neither one of them wants this to be hashed out in public," a source told the magazine.

Holmes was spotted on Friday and Saturday at her lawyer's office in New York, according to reports. 

According to TMZ, Cruise is insisting any settlement provide "meaningful, significant contact" with the couple's 6-year-old daughter, Suri (Holmes has reportedly filed for sole custody). Sources told the website that both sides are trying to negotiate a settlement for the entire divorce - not just a temporary truce - including custody, visitation, support and property settlement.

Meanwhile, Cruise's attorney spoke to the BBC last week about the high-profile split.

"Tactically we can't say where Tom will file a divorce case and if he'll be seeking joint custody of Suri," Bert Fields said on July 3.

"We are letting 'the other side' (Katie and her team) play the media until they wear everyone out and then we'll have something to say," he added. "It's not Tom's style to do this publicly. He is really sad about what's happening."

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